Australia’s volatile COVID-19 crisis has underscored the necessity for teenagers to be taught about money management and learn to future-proof their finances.
Hundreds of thousands of young people are experiencing a huge and exceptionally tough economic lesson, according to Brigid Leishman, chair of the national Financial Basics Foundation.
“We can see in Victoria how volatile the situation is and, even once COVID-19 restrictions are lifted, most of us will have to adapt to a new normal,” Ms Leishman said.
“For many young people that means trying to find an income, adjusting their study or travel plans, and really rethinking what’s important for their future.
“As a result, it is more important than ever to arm our teens with financial literacy skills to help them through uncertain times.”
The Financial Basics Foundation is calling on Australian secondary teachers to register their classes for the free financial literacy competition – the Suncorp ESSI Money Challenge (Earning, Saving, Spending, Investing).
The online competition runs for two weeks, 17 to 28 August, and intends to teach teens about money as they play real-world scenarios and try to grow their savings. Competitors and their schools can win cash prizes.
“Almost 60 per cent of Australian secondary schools access our resources and some 65,000 students have played ESSI Money in the past few years,” Foundation CEO Katrina Birch said.
“It’s essential that all teens have a chance to safeguard their financial future by learning about managing wages and superannuation, budgeting and saving, using credit and investing.”
Class registration opens on 27 July. Teachers can register at financialbasics.org.au
Prize winners will be announced in early September.